Economic classification by income refers to fact that the World Bank assigns the world's economies to four income groups

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Economic classification by income refers to fact that the WorldBank assigns the world's economies to four income groups—low,lower-middle, upper-middle, and high-income countries.
Economic classification by region is groupings that areprimarily based on the regions used for administrative purposes bythe World Bank. There are two main variants: one which includes alleconomies, and one which excludes high-income economies. ( 6Marks)